RATE Group | How Traders Can Use Twitter to Anticipate Bitcoin Price Moves, Volume
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How Traders Can Use Twitter to Anticipate Bitcoin Price Moves, Volume

23 Feb How Traders Can Use Twitter to Anticipate Bitcoin Price Moves, Volume

Posted at 22:58h in Bitcoin News by

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Bitcoin (BTC) price has been testing the $10,000 mark this month as online metrics like the number of tweets and Google searches mentioning Bitcoin show a two year-high.

Cryptocurrency market weekly overview. Source: Coin360

Cryptocurrency market weekly overview. Source: Coin360

Several relationships have been established between external factors and Bitcoin price evolution. Most notably, social media metrics like the number of tweets mentioning a particular cryptocurrency, the number of comments or posts in a cryptocurrency dedicated subreddit, the number of daily search volume for a specific crypto theme, or even the mentions of “Lambos” on Reddit.

Sentiment analysis from this kind of data can help investors attempting to predict returns, thus making it a novel approach for traditional investors.

Analyzing tweets and Bitcoin price from 2017 to 2019

Looking at the daily number of tweets mentioning Bitcoin since 2017, there is a clear spike during the 2017 bull-run. On Dec. 7, 2017, there was a record-high of 155,600 tweets mentioning…

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